Manhattan Associates Reports First Quarter Results
Igår, 22:06
Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $282.2 million for the first quarter ended March 31, 2026, compared to $262.8 million in Q1 2025. GAAP diluted earnings per share for Q1 2026 was $0.82 compared to $0.85 in Q1 2025. Non-GAAP adjusted diluted earnings per share for Q1 2026 was $1.24 compared to $1.19 in Q1 2025.
“Manhattan is off to a strong start to 2026. On solid and broad-based demand, we accelerated our Q1 revenue growth and delivered better than expected bookings,” said Manhattan Associates president and CEO Eric Clark.
“While macro volatility persists, Manhattan’s fundamentals are solid. With a strong pipeline across our product suite, numerous opportunities to drive growth, and our unmatched ability to consistently deliver leading innovation to the supply chain commerce universe, we are optimistic about our long-term growth opportunity,” Mr. Clark concluded.
FIRST QUARTER 2026 FINANCIAL SUMMARY:
- Consolidated total revenue was $282.2 million for Q1 2026, compared to $262.8 million for Q1 2025.
- Cloud subscription revenue was $117.1 million for Q1 2026, compared to $94.3 million for Q1 2025.
- License revenue was $2.2 million for Q1 2026, compared to $9.3 million for Q1 2025.
- Services revenue was $125.7 million for Q1 2026, compared to $121.1 million for Q1 2025.
- GAAP diluted earnings per share was $0.82for Q1 2026, compared to $0.85 for Q1 2025.
- Adjusted diluted earnings per share, a non-GAAP measure, was $1.24for Q1 2026, compared to $1.19 for Q1 2025.
- GAAP operating income was $64.9 million for Q1 2026, compared to $63.2 million for Q1 2025.
- Adjusted operating income, a non-GAAP measure, was $91.5 million for Q1 2026, compared to $91.3 million for Q1 2025.
- Cash flow from operations was $84.0 million for Q1 2026, compared to $75.3 million for Q1 2025. Days Sales Outstanding was 72 days at March 31, 2026, and 73 days at December 31, 2025.
- Cash totaled $226.1 million at March 31, 2026, compared to $328.7 million at December 31, 2025.
- RPO increased to $2.35 billion as of March 31, 2026, compared to $2.23 billion as of December 31, 2025.
- During the three months ended March 31, 2026, the Company repurchased 1,043,312 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $150.0 million. In March 2026, our Board of Directors approved an increase to the Company’s share repurchase authority from $100 million to $500 million. As of the end of the quarter, approximately $350.0 million remained under the existing March 2026 repurchase authority.
2026 GUIDANCE
Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2026:
Guidance Range - 2026 Full Year | |||||||||||||
($'s in millions, except operating margin and EPS) | $ Range | % Growth Range | |||||||||||
Total revenue | $1,147 | $1,157 | 6 | % | 7 | % | |||||||
Operating Margin: | |||||||||||||
GAAP operating margin | 24.6 | % | 24.9 | % | |||||||||
Equity-based compensation | 10.3 | % | 10.2 | % | |||||||||
Adjusted operating margin(1) | 34.9 | % | 35.1 | % | |||||||||
Diluted earnings per share (EPS): | |||||||||||||
GAAP EPS | $3.55 | $3.63 | -1 | % | 1 | % | |||||||
Equity-based compensation | 1.70 | 1.70 | |||||||||||
Tax deficiency of stock awards vested (2) | 0.04 | 0.04 | |||||||||||
Adjusted EPS(1) | $5.29 | $5.37 | 5 | % | 6 | % | |||||||
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation, | |||||||||||||
expense related to an unusual health insurance claim, restructuring expense, and the related income tax effects, if applicable. | |||||||||||||
(2) The Company expects the tax deficiency on stock vesting to occur primarily in the first quarter of 2026. | |||||||||||||
Manhattan Associates currently intends to make public certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
Manhattan Associates will make this earnings release and a recording of the conference call referenced below available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release or the conference call, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its first quarter financial results will be held today, April 21, 2026, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ second quarter 2026 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three months ended March 31, 2026.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share exclude the impact of equity-based compensation, an expense – net of insurance recoveries, related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader, providing supply chain and omnichannel commerce solutions with unmatched AI capabilities. We design, build and offer best-in-class, AI-powered, cloud-based solutions that drive resilience and efficiency for businesses. We enable enterprises to uniquely unify front-end sales with back-end supply chain execution.
Our commitment to innovation, cloud-native platform and API-first architecture create simpler experiences and faster paths to value for our customers. We empower them to preempt and react to emerging trends and global disruptions with technical expertise and operational confidence, transforming challenges into competitive advantage. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2026 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including as a result of global instability due to military conflict, including the military conflict involving the United States, Israel, and Iran, as well as the ongoing war between Russia and Ukraine, disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; risks associated with our use of generative and agentic artificial intelligence; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (in thousands, except per share amounts) | ||||
Three Months Ended March 31, | ||||
2026 | 2025 | |||
(unaudited) | (unaudited) | |||
Revenue: | ||||
Cloud subscriptions | $117,123 | $94,306 | ||
Software license | 2,234 | 9,292 | ||
Maintenance | 30,592 | 32,144 | ||
Services | 125,717 | 121,127 | ||
Hardware | 6,549 | 5,918 | ||
Total revenue | 282,215 | 262,787 | ||
Costs and expenses: | ||||
Cost of cloud subscriptions, maintenance and services | 126,077 | 114,358 | ||
Cost of software license | 564 | 209 | ||
Research and development | 37,346 | 35,298 | ||
Sales and marketing | 27,752 | 21,061 | ||
General and administrative | 23,706 | 24,219 | ||
Depreciation and amortization | 1,833 | 1,541 | ||
Restructuring expense | - | 2,929 | ||
Total costs and expenses | 217,278 | 199,615 | ||
Operating income | 64,937 | 63,172 | ||
Other income, net | 4,337 | 1,337 | ||
Income before income taxes | 69,274 | 64,509 | ||
Income tax provision | 19,979 | 11,927 | ||
Net income | $49,295 | $52,582 | ||
Basic earnings per share | $0.83 | $0.86 | ||
Diluted earnings per share | $0.82 | $0.85 | ||
Weighted average number of shares: | ||||
Basic | 59,688 | 60,870 | ||
Diluted | 60,038 | 61,527 |
Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts) | |||||||
Three Months Ended March 31, | |||||||
2026 | 2025 | ||||||
Operating income | $64,937 | $63,172 | |||||
Equity-based compensation (a) | 26,524 | 28,826 | |||||
Unusual health insurance claim (c) | - | (3,658 | ) | ||||
Restructuring expense (d) | - | 2,929 | |||||
Adjusted operating income (Non-GAAP) | $91,461 | $91,269 | |||||
Income tax provision | $19,979 | $11,927 | |||||
Equity-based compensation (a) | 3,698 | 4,340 | |||||
Tax (deficiency) benefit of stock awards vested (b) | (2,177 | ) | 3,542 | ||||
Unusual health insurance claim (c) | - | (883 | ) | ||||
Restructuring expense (d) | - | 707 | |||||
Adjusted income tax provision (Non-GAAP) | $21,500 | $19,633 | |||||
Net income | $49,295 | $52,582 | |||||
Equity-based compensation (a) | 22,826 | 24,486 | |||||
Tax deficiency (benefit) of stock awards vested (b) | 2,177 | (3,542 | ) | ||||
Unusual health insurance claim (c) | - | (2,775 | ) | ||||
Restructuring expense (d) | - | 2,222 | |||||
Adjusted net income (Non-GAAP) | $74,298 | $72,973 | |||||
Diluted EPS | $0.82 | $0.85 | |||||
Equity-based compensation (a) | 0.38 | 0.40 | |||||
Tax deficiency (benefit) of stock awards vested (b) | 0.04 | (0.06 | ) | ||||
Unusual health insurance claim (c) | - | (0.05 | ) | ||||
Restructuring expense (d) | - | 0.04 | |||||
Adjusted diluted EPS (Non-GAAP) | $1.24 | $1.19 | |||||
Fully diluted shares | 60,038 | 61,527 |
(a) | Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives. |
Three Months Ended March 31, | |||||
2026 | 2025 | ||||
Cost of services | $11,586 | $11,425 | |||
Research and development | 6,387 | 5,958 | |||
Sales and marketing | 3,668 | 2,306 | |||
General and administrative | 4,883 | 9,137 | |||
Total equity-based compensation | $26,524 | $28,826 |
(b) | Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. Therefore, we also exclude the related tax benefit (expense) generated upon their vesting. | |
(c) | In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. During the fourth quarter of 2025, we settled the remaining balance of the claim and recorded $6.2 million of benefit as the final payment was much lower than the cost estimates previously provided by our health insurance provider. Based on the uncommonly large magnitude and nature of the claim and timing of related insurance recoveries, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results. | |
(d) | In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which had been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results. |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 226,133 | $ | 328,747 | ||||
Accounts receivable, net | 227,110 | 214,679 | ||||||
Prepaid expenses and other current assets | 62,573 | 39,912 | ||||||
Total current assets | 515,816 | 583,338 | ||||||
Property and equipment, net | 25,269 | 23,120 | ||||||
Operating lease right-of-use assets | 47,431 | 50,443 | ||||||
Goodwill, net | 62,241 | 62,244 | ||||||
Deferred income taxes | 43,763 | 75,900 | ||||||
Other assets | 46,018 | 44,343 | ||||||
Total assets | $ | 740,538 | $ | 839,388 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 22,415 | $ | 22,182 | ||||
Accrued compensation and benefits | 58,415 | 69,309 | ||||||
Accrued and other liabilities | 30,571 | 26,570 | ||||||
Deferred revenue | 355,909 | 337,049 | ||||||
Income taxes payable | 90 | 803 | ||||||
Total current liabilities | 467,400 | 455,913 | ||||||
Operating lease liabilities, long-term | 55,685 | 56,180 | ||||||
Other non-current liabilities | 12,278 | 12,530 | ||||||
Shareholders' equity: | ||||||||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2026 and 2025 | - | - | ||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 59,164,492 and 59,845,291 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 591 | 598 | ||||||
Retained earnings | 240,577 | 345,097 | ||||||
Accumulated other comprehensive loss | (35,993 | ) | (30,930 | ) | ||||
Total shareholders' equity | 205,175 | 314,765 | ||||||
Total liabilities and shareholders' equity | $ | 740,538 | $ | 839,388 |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
(unaudited) | (unaudited) | |||||||
Operating activities: | ||||||||
Net income | $ | 49,295 | $ | 52,582 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,833 | 1,541 | ||||||
Equity-based compensation | 26,524 | 28,826 | ||||||
Gain on disposal of equipment | (156 | ) | (98 | ) | ||||
Deferred income taxes | 31,854 | 2,133 | ||||||
Unrealized foreign currency (gain) loss | (2,212 | ) | 781 | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (13,217 | ) | (3,321 | ) | ||||
Other assets | (9,651 | ) | (11,959 | ) | ||||
Accounts payable, accrued and other liabilities | (4,044 | ) | (18,807 | ) | ||||
Income taxes | (15,790 | ) | 6,482 | |||||
Deferred revenue | 19,609 | 17,100 | ||||||
Net cash provided by operating activities | 84,045 | 75,260 | ||||||
Investing activities: | ||||||||
Purchase of property and equipment | (4,103 | ) | (891 | ) | ||||
Net cash used in investing activities | (4,103 | ) | (891 | ) | ||||
Financing activities: | ||||||||
Repurchase of common stock | (179,387 | ) | (136,447 | ) | ||||
Net cash used in financing activities | (179,387 | ) | (136,447 | ) | ||||
Foreign currency impact on cash | (3,169 | ) | 1,721 | |||||
Net change in cash and cash equivalents | (102,614 | ) | (60,357 | ) | ||||
Cash and cash equivalents at beginning of period | 328,747 | 266,230 | ||||||
Cash and cash equivalents at end of period | $ | 226,133 | $ | 205,873 |
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
2025 | 2026 | ||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||||||
GAAP Diluted EPS | $0.85 | $0.93 | $0.96 | $0.86 | $3.60 | $0.82 | |||||||||
Adjustments to GAAP: | |||||||||||||||
Equity-based compensation | 0.40 | 0.35 | 0.40 | 0.43 | 1.57 | 0.38 | |||||||||
Tax deficiency (benefit) of stock awards vested | (0.06 | ) | - | (0.01 | ) | - | (0.06 | ) | 0.04 | ||||||
Restructuring expense | (0.05 | ) | 0.04 | - | (0.08 | ) | (0.09 | ) | - | ||||||
Unusual health insurance claim | 0.04 | - | - | - | 0.04 | - | |||||||||
Adjusted Diluted EPS | $1.19 | $1.31 | $1.36 | $1.21 | $5.06 | $1.24 | |||||||||
Fully Diluted Shares | 61,527 | 61,074 | 60,954 | 60,642 | 61,054 | 60,038 |
2. Revenues and operating income by reportable segment are as follows (in thousands):
2025 | 2026 | |||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | |||||||||
Revenue: | ||||||||||||||
Americas | $194,615 | $206,606 | $206,659 | $202,546 | $810,426 | $214,550 | ||||||||
EMEA | 55,542 | 52,301 | 53,975 | 53,978 | 215,796 | 53,663 | ||||||||
APAC | 12,630 | 13,514 | 15,161 | 13,865 | 55,170 | 14,002 | ||||||||
$262,787 | $272,421 | $275,795 | $270,389 | $1,081,392 | $282,215 | |||||||||
GAAP Operating Income: | ||||||||||||||
Americas | $33,862 | $48,051 | $45,783 | $39,875 | $167,571 | $39,005 | ||||||||
EMEA | 23,703 | 19,807 | 22,877 | 21,686 | 88,073 | 19,670 | ||||||||
APAC | 5,607 | 5,930 | 7,168 | 5,451 | 24,156 | 6,262 | ||||||||
$63,172 | $73,788 | $75,828 | $67,012 | $279,800 | $64,937 | |||||||||
Adjustments (pre-tax): | ||||||||||||||
Americas: | ||||||||||||||
Equity-based compensation | $28,826 | $24,275 | $27,577 | $30,585 | $111,263 | $26,524 | ||||||||
Unusual health insurance claim | (3,658 | ) | 3,000 | - | (6,224 | ) | (6,882 | ) | - | |||||
Restructuring expense | 2,929 | 8 | - | - | 2,937 | - | ||||||||
$28,097 | $27,283 | $27,577 | $24,361 | $107,318 | $26,524 | |||||||||
Adjusted non-GAAP Operating Income: | ||||||||||||||
Americas | $61,959 | $75,334 | $73,360 | $64,236 | $274,889 | $65,529 | ||||||||
EMEA | 23,703 | 19,807 | 22,877 | 21,686 | 88,073 | 19,670 | ||||||||
APAC | 5,607 | 5,930 | 7,168 | 5,451 | 24,156 | 6,262 | ||||||||
$91,269 | $101,071 | $103,405 | $91,373 | $387,118 | $91,461 |
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
2025 | 2026 | ||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||||
Revenue | $(1,591 | ) | $2,724 | $2,652 | $3,833 | $7,618 | $5,975 | ||||||
Costs and expenses | (1,966 | ) | 1,180 | 738 | 906 | 858 | 2,646 | ||||||
Operating income | 375 | 1,544 | 1,914 | 2,927 | 6,760 | 3,329 | |||||||
Foreign currency gains (losses) in other income | 131 | (65 | ) | 1,596 | 9 | 1,671 | 3,229 | ||||||
$506 | $1,479 | $3,510 | $2,936 | $8,431 | $6,558 |
Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
2025 | 2026 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||
Operating income | $785 | $514 | $832 | $1,409 | $3,540 | $1,045 | |||||
Foreign currency gains (losses) in other income | 15 | 140 | 1,978 | 742 | 2,875 | 3,449 | |||||
Total impact of changes in the Indian Rupee | $800 | $654 | $2,810 | $2,151 | $6,415 | $4,494 |
4. Other income includes the following components (in thousands):
2025 | 2026 | ||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||||
Interest income | $1,101 | $852 | $1,007 | $1,429 | $4,389 | $951 | |||||||
Foreign currency gains (losses) | 130 | (65 | ) | 1,597 | 9 | 1,671 | 3,229 | ||||||
Other non-operating income (expense) | 106 | (72 | ) | - | (1 | ) | 33 | 157 | |||||
Total other income (loss) | $1,337 | $715 | $2,604 | $1,438 | $6,094 | $4,337 |
5. Capital expenditures are as follows (in thousands):
2025 | 2026 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||
Capital expenditures | $891 | $3,980 | $5,928 | $4,658 | $15,457 | $4,103 |
6. Stock Repurchase Activity (in thousands):
2025 | 2026 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||
Shares purchased under publicly-announced buy-back program | 539 | 263 | 233 | 416 | 1,451 | 1,043 | |||||
Shares withheld for taxes due upon vesting of restricted stock | 179 | 3 | 8 | 2 | 192 | 198 | |||||
Total shares purchased | 718 | 266 | 241 | 418 | 1,643 | 1,241 | |||||
Total cash paid for shares purchased under publicly-announced buy-back program | $100,000 | $49,596 | $49,947 | $74,996 | $274,539 | $149,983 | |||||
Total cash paid for shares withheld for taxes due upon vesting of restricted stock | 36,447 | 595 | 1,602 | 398 | 39,042 | 29,404 | |||||
Total cash paid for excise tax | - | - | - | 1,581 | 1,581 | - | |||||
Total cash paid for shares repurchased | $136,447 | $50,191 | $51,549 | $76,975 | $315,162 | $179,387 |
7. Remaining Performance Obligations
We disclose revenue that we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | |||||
Remaining Performance Obligations | $1,891,384 | $2,013,495 | $2,076,628 | $2,232,234 | $2,347,952 |
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Manhattan Associates Reports First Quarter Results
Igår, 22:06
Leading Supply Chain and Omnichannel Commerce Solutions provider Manhattan Associates Inc. (NASDAQ: MANH) today reported revenue of $282.2 million for the first quarter ended March 31, 2026, compared to $262.8 million in Q1 2025. GAAP diluted earnings per share for Q1 2026 was $0.82 compared to $0.85 in Q1 2025. Non-GAAP adjusted diluted earnings per share for Q1 2026 was $1.24 compared to $1.19 in Q1 2025.
“Manhattan is off to a strong start to 2026. On solid and broad-based demand, we accelerated our Q1 revenue growth and delivered better than expected bookings,” said Manhattan Associates president and CEO Eric Clark.
“While macro volatility persists, Manhattan’s fundamentals are solid. With a strong pipeline across our product suite, numerous opportunities to drive growth, and our unmatched ability to consistently deliver leading innovation to the supply chain commerce universe, we are optimistic about our long-term growth opportunity,” Mr. Clark concluded.
FIRST QUARTER 2026 FINANCIAL SUMMARY:
- Consolidated total revenue was $282.2 million for Q1 2026, compared to $262.8 million for Q1 2025.
- Cloud subscription revenue was $117.1 million for Q1 2026, compared to $94.3 million for Q1 2025.
- License revenue was $2.2 million for Q1 2026, compared to $9.3 million for Q1 2025.
- Services revenue was $125.7 million for Q1 2026, compared to $121.1 million for Q1 2025.
- GAAP diluted earnings per share was $0.82for Q1 2026, compared to $0.85 for Q1 2025.
- Adjusted diluted earnings per share, a non-GAAP measure, was $1.24for Q1 2026, compared to $1.19 for Q1 2025.
- GAAP operating income was $64.9 million for Q1 2026, compared to $63.2 million for Q1 2025.
- Adjusted operating income, a non-GAAP measure, was $91.5 million for Q1 2026, compared to $91.3 million for Q1 2025.
- Cash flow from operations was $84.0 million for Q1 2026, compared to $75.3 million for Q1 2025. Days Sales Outstanding was 72 days at March 31, 2026, and 73 days at December 31, 2025.
- Cash totaled $226.1 million at March 31, 2026, compared to $328.7 million at December 31, 2025.
- RPO increased to $2.35 billion as of March 31, 2026, compared to $2.23 billion as of December 31, 2025.
- During the three months ended March 31, 2026, the Company repurchased 1,043,312 shares of Manhattan Associates common stock under the share repurchase program authorized by our Board of Directors for a total investment of $150.0 million. In March 2026, our Board of Directors approved an increase to the Company’s share repurchase authority from $100 million to $500 million. As of the end of the quarter, approximately $350.0 million remained under the existing March 2026 repurchase authority.
2026 GUIDANCE
Manhattan Associates provides the following revenue, operating margin, and diluted earnings per share guidance for the full year 2026:
Guidance Range - 2026 Full Year | |||||||||||||
($'s in millions, except operating margin and EPS) | $ Range | % Growth Range | |||||||||||
Total revenue | $1,147 | $1,157 | 6 | % | 7 | % | |||||||
Operating Margin: | |||||||||||||
GAAP operating margin | 24.6 | % | 24.9 | % | |||||||||
Equity-based compensation | 10.3 | % | 10.2 | % | |||||||||
Adjusted operating margin(1) | 34.9 | % | 35.1 | % | |||||||||
Diluted earnings per share (EPS): | |||||||||||||
GAAP EPS | $3.55 | $3.63 | -1 | % | 1 | % | |||||||
Equity-based compensation | 1.70 | 1.70 | |||||||||||
Tax deficiency of stock awards vested (2) | 0.04 | 0.04 | |||||||||||
Adjusted EPS(1) | $5.29 | $5.37 | 5 | % | 6 | % | |||||||
(1) Adjusted operating margin and adjusted EPS are non-GAAP measures that exclude the impact of equity-based compensation, | |||||||||||||
expense related to an unusual health insurance claim, restructuring expense, and the related income tax effects, if applicable. | |||||||||||||
(2) The Company expects the tax deficiency on stock vesting to occur primarily in the first quarter of 2026. | |||||||||||||
Manhattan Associates currently intends to make public certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.
Manhattan Associates will make this earnings release and a recording of the conference call referenced below available on the investor relations section of the Manhattan Associates website at ir.manh.com. Following publication of this earnings release, any expectations with respect to future financial performance contained in this release or the conference call, including the guidance, should be considered historical only, and Manhattan Associates disclaims any obligation to update them.
CONFERENCE CALL
Manhattan Associates’ conference call regarding its first quarter financial results will be held today, April 21, 2026, at 4:30 p.m. Eastern Time. The Company will also discuss its business and expectations for the year and next quarter in additional detail during the call. We invite investors to a live webcast of the conference call through the Investor Relations section of the Manhattan Associates website at ir.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software. The Internet webcast will be available until Manhattan Associates’ second quarter 2026 earnings release.
GAAP VERSUS NON-GAAP PRESENTATION
Manhattan Associates provides adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share in this press release as additional information regarding the Company’s historical and projected operating results. These measures are not in accordance with, or alternatives to, GAAP, and may be different from similarly titled non-GAAP measures used by other companies. The Company believes the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide supplemental information in evaluating the operating results of its business, as distinct from results that include items not indicative of ongoing operating results, and because the Company believes its peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the three months ended March 31, 2026.
Non-GAAP adjusted operating income and margin, adjusted income tax provision, adjusted net income, and adjusted diluted earnings per share exclude the impact of equity-based compensation, an expense – net of insurance recoveries, related to an unusual health insurance claim, and restructuring expense – net of income tax effects, collectively. They also exclude the tax benefits or deficiencies of vested stock awards caused by differences in the amount deductible for tax purposes from the compensation expense recorded for financial reporting purposes. We include reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments in the supplemental information attached to this release.
ABOUT MANHATTAN ASSOCIATES
Manhattan Associates is a global technology leader, providing supply chain and omnichannel commerce solutions with unmatched AI capabilities. We design, build and offer best-in-class, AI-powered, cloud-based solutions that drive resilience and efficiency for businesses. We enable enterprises to uniquely unify front-end sales with back-end supply chain execution.
Our commitment to innovation, cloud-native platform and API-first architecture create simpler experiences and faster paths to value for our customers. We empower them to preempt and react to emerging trends and global disruptions with technical expertise and operational confidence, transforming challenges into competitive advantage. For more information, please visit www.manh.com.
This press release contains “forward-looking statements” relating to Manhattan Associates, Inc. Forward-looking statements in this press release include, without limitation, the information set forth under “2026 Guidance” and statements identified by words such as “may,” “expect,” “forecast,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “project,” “estimate,” and similar expressions. Prospective investors are cautioned that any of those forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by those forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by those forward-looking statements are: economic conditions, including as a result of global instability due to military conflict, including the military conflict involving the United States, Israel, and Iran, as well as the ongoing war between Russia and Ukraine, disruption and transformation in the retail sector and our vertical markets; delays in product development; competitive and pricing pressures; software errors and information technology failures, disruption and security breaches; risks related to our products’ technology and customer implementations; risks associated with our use of generative and agentic artificial intelligence; and the other risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in Item 1A of Part II in subsequent Quarterly Reports on Form 10-Q. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (in thousands, except per share amounts) | ||||
Three Months Ended March 31, | ||||
2026 | 2025 | |||
(unaudited) | (unaudited) | |||
Revenue: | ||||
Cloud subscriptions | $117,123 | $94,306 | ||
Software license | 2,234 | 9,292 | ||
Maintenance | 30,592 | 32,144 | ||
Services | 125,717 | 121,127 | ||
Hardware | 6,549 | 5,918 | ||
Total revenue | 282,215 | 262,787 | ||
Costs and expenses: | ||||
Cost of cloud subscriptions, maintenance and services | 126,077 | 114,358 | ||
Cost of software license | 564 | 209 | ||
Research and development | 37,346 | 35,298 | ||
Sales and marketing | 27,752 | 21,061 | ||
General and administrative | 23,706 | 24,219 | ||
Depreciation and amortization | 1,833 | 1,541 | ||
Restructuring expense | - | 2,929 | ||
Total costs and expenses | 217,278 | 199,615 | ||
Operating income | 64,937 | 63,172 | ||
Other income, net | 4,337 | 1,337 | ||
Income before income taxes | 69,274 | 64,509 | ||
Income tax provision | 19,979 | 11,927 | ||
Net income | $49,295 | $52,582 | ||
Basic earnings per share | $0.83 | $0.86 | ||
Diluted earnings per share | $0.82 | $0.85 | ||
Weighted average number of shares: | ||||
Basic | 59,688 | 60,870 | ||
Diluted | 60,038 | 61,527 |
Reconciliation of Selected GAAP to Non-GAAP Measures (in thousands, except per share amounts) | |||||||
Three Months Ended March 31, | |||||||
2026 | 2025 | ||||||
Operating income | $64,937 | $63,172 | |||||
Equity-based compensation (a) | 26,524 | 28,826 | |||||
Unusual health insurance claim (c) | - | (3,658 | ) | ||||
Restructuring expense (d) | - | 2,929 | |||||
Adjusted operating income (Non-GAAP) | $91,461 | $91,269 | |||||
Income tax provision | $19,979 | $11,927 | |||||
Equity-based compensation (a) | 3,698 | 4,340 | |||||
Tax (deficiency) benefit of stock awards vested (b) | (2,177 | ) | 3,542 | ||||
Unusual health insurance claim (c) | - | (883 | ) | ||||
Restructuring expense (d) | - | 707 | |||||
Adjusted income tax provision (Non-GAAP) | $21,500 | $19,633 | |||||
Net income | $49,295 | $52,582 | |||||
Equity-based compensation (a) | 22,826 | 24,486 | |||||
Tax deficiency (benefit) of stock awards vested (b) | 2,177 | (3,542 | ) | ||||
Unusual health insurance claim (c) | - | (2,775 | ) | ||||
Restructuring expense (d) | - | 2,222 | |||||
Adjusted net income (Non-GAAP) | $74,298 | $72,973 | |||||
Diluted EPS | $0.82 | $0.85 | |||||
Equity-based compensation (a) | 0.38 | 0.40 | |||||
Tax deficiency (benefit) of stock awards vested (b) | 0.04 | (0.06 | ) | ||||
Unusual health insurance claim (c) | - | (0.05 | ) | ||||
Restructuring expense (d) | - | 0.04 | |||||
Adjusted diluted EPS (Non-GAAP) | $1.24 | $1.19 | |||||
Fully diluted shares | 60,038 | 61,527 |
(a) | Adjusted results exclude all equity-based compensation, as detailed below, to facilitate comparison with our peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. We do not receive a GAAP tax benefit for a portion of our equity-based compensation, mainly because of Section 162(m) of the Internal Revenue Code, which limits tax deductions for compensation granted to certain executives. |
Three Months Ended March 31, | |||||
2026 | 2025 | ||||
Cost of services | $11,586 | $11,425 | |||
Research and development | 6,387 | 5,958 | |||
Sales and marketing | 3,668 | 2,306 | |||
General and administrative | 4,883 | 9,137 | |||
Total equity-based compensation | $26,524 | $28,826 |
(b) | Adjustments represent the excess tax benefits and tax deficiencies of the equity awards vested during the period. Excess tax benefits (deficiencies) occur when the amount deductible on our tax return for an equity award is more (less) than the cumulative compensation cost recognized for financial reporting purposes. As discussed above, we exclude equity-based compensation from adjusted non-GAAP results to be consistent with other companies in the software industry and for the other reasons explained in our Current Report on Form 8-K filed with the SEC. Therefore, we also exclude the related tax benefit (expense) generated upon their vesting. | |
(c) | In the fourth quarter of 2024, we recorded $7.0 million of expense for an unusual health insurance claim. During the first quarter of 2025, we received an insurance recovery of $4.7 million for this claim, partially offset by $1.0 million of ongoing expense for the claim. During the second quarter of 2025, we recorded an additional $3.0 million of expense for this unusual health insurance claim. During the fourth quarter of 2025, we settled the remaining balance of the claim and recorded $6.2 million of benefit as the final payment was much lower than the cost estimates previously provided by our health insurance provider. Based on the uncommonly large magnitude and nature of the claim and timing of related insurance recoveries, we do not believe that this expense reflects our normal operating activities, and we have excluded the amount from adjusted non-GAAP results. | |
(d) | In January 2025, the Company eliminated about 100 positions to align our services capacity with customer demand, which had been impacted by macro-economic uncertainty. We recorded pre-tax restructuring expense in the first quarter of 2025 of approximately $2.9 million. The expense primarily consists of employee severance and outplacement services. We do not believe that the expense is a common cost that resulted from normal operating activities, and thus we have excluded the amount from adjusted non-GAAP results. |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 226,133 | $ | 328,747 | ||||
Accounts receivable, net | 227,110 | 214,679 | ||||||
Prepaid expenses and other current assets | 62,573 | 39,912 | ||||||
Total current assets | 515,816 | 583,338 | ||||||
Property and equipment, net | 25,269 | 23,120 | ||||||
Operating lease right-of-use assets | 47,431 | 50,443 | ||||||
Goodwill, net | 62,241 | 62,244 | ||||||
Deferred income taxes | 43,763 | 75,900 | ||||||
Other assets | 46,018 | 44,343 | ||||||
Total assets | $ | 740,538 | $ | 839,388 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 22,415 | $ | 22,182 | ||||
Accrued compensation and benefits | 58,415 | 69,309 | ||||||
Accrued and other liabilities | 30,571 | 26,570 | ||||||
Deferred revenue | 355,909 | 337,049 | ||||||
Income taxes payable | 90 | 803 | ||||||
Total current liabilities | 467,400 | 455,913 | ||||||
Operating lease liabilities, long-term | 55,685 | 56,180 | ||||||
Other non-current liabilities | 12,278 | 12,530 | ||||||
Shareholders' equity: | ||||||||
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or outstanding in 2026 and 2025 | - | - | ||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 59,164,492 and 59,845,291 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 591 | 598 | ||||||
Retained earnings | 240,577 | 345,097 | ||||||
Accumulated other comprehensive loss | (35,993 | ) | (30,930 | ) | ||||
Total shareholders' equity | 205,175 | 314,765 | ||||||
Total liabilities and shareholders' equity | $ | 740,538 | $ | 839,388 |
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2026 | 2025 | |||||||
(unaudited) | (unaudited) | |||||||
Operating activities: | ||||||||
Net income | $ | 49,295 | $ | 52,582 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,833 | 1,541 | ||||||
Equity-based compensation | 26,524 | 28,826 | ||||||
Gain on disposal of equipment | (156 | ) | (98 | ) | ||||
Deferred income taxes | 31,854 | 2,133 | ||||||
Unrealized foreign currency (gain) loss | (2,212 | ) | 781 | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (13,217 | ) | (3,321 | ) | ||||
Other assets | (9,651 | ) | (11,959 | ) | ||||
Accounts payable, accrued and other liabilities | (4,044 | ) | (18,807 | ) | ||||
Income taxes | (15,790 | ) | 6,482 | |||||
Deferred revenue | 19,609 | 17,100 | ||||||
Net cash provided by operating activities | 84,045 | 75,260 | ||||||
Investing activities: | ||||||||
Purchase of property and equipment | (4,103 | ) | (891 | ) | ||||
Net cash used in investing activities | (4,103 | ) | (891 | ) | ||||
Financing activities: | ||||||||
Repurchase of common stock | (179,387 | ) | (136,447 | ) | ||||
Net cash used in financing activities | (179,387 | ) | (136,447 | ) | ||||
Foreign currency impact on cash | (3,169 | ) | 1,721 | |||||
Net change in cash and cash equivalents | (102,614 | ) | (60,357 | ) | ||||
Cash and cash equivalents at beginning of period | 328,747 | 266,230 | ||||||
Cash and cash equivalents at end of period | $ | 226,133 | $ | 205,873 |
MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION
1. GAAP and adjusted earnings per share by quarter are as follows:
2025 | 2026 | ||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||||||
GAAP Diluted EPS | $0.85 | $0.93 | $0.96 | $0.86 | $3.60 | $0.82 | |||||||||
Adjustments to GAAP: | |||||||||||||||
Equity-based compensation | 0.40 | 0.35 | 0.40 | 0.43 | 1.57 | 0.38 | |||||||||
Tax deficiency (benefit) of stock awards vested | (0.06 | ) | - | (0.01 | ) | - | (0.06 | ) | 0.04 | ||||||
Restructuring expense | (0.05 | ) | 0.04 | - | (0.08 | ) | (0.09 | ) | - | ||||||
Unusual health insurance claim | 0.04 | - | - | - | 0.04 | - | |||||||||
Adjusted Diluted EPS | $1.19 | $1.31 | $1.36 | $1.21 | $5.06 | $1.24 | |||||||||
Fully Diluted Shares | 61,527 | 61,074 | 60,954 | 60,642 | 61,054 | 60,038 |
2. Revenues and operating income by reportable segment are as follows (in thousands):
2025 | 2026 | |||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | |||||||||
Revenue: | ||||||||||||||
Americas | $194,615 | $206,606 | $206,659 | $202,546 | $810,426 | $214,550 | ||||||||
EMEA | 55,542 | 52,301 | 53,975 | 53,978 | 215,796 | 53,663 | ||||||||
APAC | 12,630 | 13,514 | 15,161 | 13,865 | 55,170 | 14,002 | ||||||||
$262,787 | $272,421 | $275,795 | $270,389 | $1,081,392 | $282,215 | |||||||||
GAAP Operating Income: | ||||||||||||||
Americas | $33,862 | $48,051 | $45,783 | $39,875 | $167,571 | $39,005 | ||||||||
EMEA | 23,703 | 19,807 | 22,877 | 21,686 | 88,073 | 19,670 | ||||||||
APAC | 5,607 | 5,930 | 7,168 | 5,451 | 24,156 | 6,262 | ||||||||
$63,172 | $73,788 | $75,828 | $67,012 | $279,800 | $64,937 | |||||||||
Adjustments (pre-tax): | ||||||||||||||
Americas: | ||||||||||||||
Equity-based compensation | $28,826 | $24,275 | $27,577 | $30,585 | $111,263 | $26,524 | ||||||||
Unusual health insurance claim | (3,658 | ) | 3,000 | - | (6,224 | ) | (6,882 | ) | - | |||||
Restructuring expense | 2,929 | 8 | - | - | 2,937 | - | ||||||||
$28,097 | $27,283 | $27,577 | $24,361 | $107,318 | $26,524 | |||||||||
Adjusted non-GAAP Operating Income: | ||||||||||||||
Americas | $61,959 | $75,334 | $73,360 | $64,236 | $274,889 | $65,529 | ||||||||
EMEA | 23,703 | 19,807 | 22,877 | 21,686 | 88,073 | 19,670 | ||||||||
APAC | 5,607 | 5,930 | 7,168 | 5,451 | 24,156 | 6,262 | ||||||||
$91,269 | $101,071 | $103,405 | $91,373 | $387,118 | $91,461 |
3. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):
2025 | 2026 | ||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||||
Revenue | $(1,591 | ) | $2,724 | $2,652 | $3,833 | $7,618 | $5,975 | ||||||
Costs and expenses | (1,966 | ) | 1,180 | 738 | 906 | 858 | 2,646 | ||||||
Operating income | 375 | 1,544 | 1,914 | 2,927 | 6,760 | 3,329 | |||||||
Foreign currency gains (losses) in other income | 131 | (65 | ) | 1,596 | 9 | 1,671 | 3,229 | ||||||
$506 | $1,479 | $3,510 | $2,936 | $8,431 | $6,558 |
Manhattan Associates has a large research and development center in Bangalore, India. The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):
2025 | 2026 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||
Operating income | $785 | $514 | $832 | $1,409 | $3,540 | $1,045 | |||||
Foreign currency gains (losses) in other income | 15 | 140 | 1,978 | 742 | 2,875 | 3,449 | |||||
Total impact of changes in the Indian Rupee | $800 | $654 | $2,810 | $2,151 | $6,415 | $4,494 |
4. Other income includes the following components (in thousands):
2025 | 2026 | ||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||||
Interest income | $1,101 | $852 | $1,007 | $1,429 | $4,389 | $951 | |||||||
Foreign currency gains (losses) | 130 | (65 | ) | 1,597 | 9 | 1,671 | 3,229 | ||||||
Other non-operating income (expense) | 106 | (72 | ) | - | (1 | ) | 33 | 157 | |||||
Total other income (loss) | $1,337 | $715 | $2,604 | $1,438 | $6,094 | $4,337 |
5. Capital expenditures are as follows (in thousands):
2025 | 2026 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||
Capital expenditures | $891 | $3,980 | $5,928 | $4,658 | $15,457 | $4,103 |
6. Stock Repurchase Activity (in thousands):
2025 | 2026 | ||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | ||||||
Shares purchased under publicly-announced buy-back program | 539 | 263 | 233 | 416 | 1,451 | 1,043 | |||||
Shares withheld for taxes due upon vesting of restricted stock | 179 | 3 | 8 | 2 | 192 | 198 | |||||
Total shares purchased | 718 | 266 | 241 | 418 | 1,643 | 1,241 | |||||
Total cash paid for shares purchased under publicly-announced buy-back program | $100,000 | $49,596 | $49,947 | $74,996 | $274,539 | $149,983 | |||||
Total cash paid for shares withheld for taxes due upon vesting of restricted stock | 36,447 | 595 | 1,602 | 398 | 39,042 | 29,404 | |||||
Total cash paid for excise tax | - | - | - | 1,581 | 1,581 | - | |||||
Total cash paid for shares repurchased | $136,447 | $50,191 | $51,549 | $76,975 | $315,162 | $179,387 |
7. Remaining Performance Obligations
We disclose revenue that we expect to recognize from our remaining performance obligations ("RPO"). Over 98% of our RPO represents cloud native subscriptions with non-cancelable terms greater than one year (including cloud-deferred revenue as well as amounts we will invoice and recognize as revenue from our performance of cloud services in future periods). Maintenance contracts are typically one year and not included in the RPO. Our RPO as of the end of each period appears below (in thousands):
March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | |||||
Remaining Performance Obligations | $1,891,384 | $2,013,495 | $2,076,628 | $2,232,234 | $2,347,952 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260421438075/en/
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